Chief Minister YS Jagan Mohan Reddy discussing a point with Reliance Group Chairman and Managing Director Mukesh Ambani, at the inauguration of the Global Investors Summit, in Visakhapatnam on Friday. GMR Group Chairman GM Rao and Adani Ports and SEZ CEO Karan Adani are seen. , Photo Credit: KR Deepak
Industry leaders participating in the two-day Global Investors Summit, which began on February 3 (Friday) at the Andhra University Engineering College Ground, expressed happiness over the existing ecosystem in Andhra Pradesh and showed interest in investing in the state.
Leading the way was Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited.
digital network
Speaking at the inaugural meeting, Mr. Mukesh Ambani said, “We are building the biggest and best digital network in the state by investing over ₹40,000 crore. Our 4G network will cover 98% of Andhra Pradesh’s population, including people living in the most remote corners of the state. The rollout of Jio’s ‘true 5G’ across India including Andhra Pradesh will be completed before the end of 2023.
Mr Ambani also said that the Reliance Group would invest in a 10 GW renewable solar power project in the state.
Pointing out that his group had already invested heavily in the KG Basin gas project, from which they were producing around 30% of the total gas produced in India, Mr. Mukesh Ambani said, “We also invested in Reliance Retail which includes approx. 1.25 lakh Kirana stores in about 6,000 villages and provides direct employment to about 20,000 people.
Naveen Jindal, Chairman, Jindal Steel & Power Ltd, in his address said that his group is working on setting up a 3 million tonne steel plant near Krishnapatnam with an investment of over ₹10,000 crore. Directly or indirectly more than 10,000 people will get employment here and today we are going to sign an MoU for the same.
He also spoke about his “positive experience” of working in Andhra Pradesh for the past several years.
“We see it as a potential industrial hub in the future. Andhra Pradesh is renowned for its excellent infrastructure, large manufacturing base, talented youth and a very business-friendly environment,” said Mr. Naveen Jindal.
Addressing the delegates, Hari Mohan Bangur, Managing Director, Shree Cement said that they are looking to invest another Rs 5,000 crore in Andhra Pradesh. “The new investment will provide direct or indirect employment to 5,000 people, helping contribute Rs 1,000 crore annually to the state exchequer,” he said.
Adani Projects
Karan Adani, CEO of Adani Ports and Special Economic Zone (APSEZ), said, “At present, Adani Group operates two largest private ports in Andhra Pradesh – Krishnapatnam and Gangavaram, with a combined capacity of 100 million tonnes per annum. In the next five years, we aim to not only double this capacity but also transform these ports into industrial port cities. By developing industrial clusters and attracting industries in Krishnapatnam and Gangavaram, we will be able to reduce logistics cost significantly, thus making these industries much more globally competitive.
Mr. Karan Adani also said that an MoU was signed with the Andhra Pradesh government last year, and the group is committed to developing 15,000 MW of renewable energy projects in five districts – Anantapur, Cuddapah, Kurnool, Visakhapatnam – over the next few years. Was committed and Vizianagaram. “We will also invest in cement manufacturing units and data centres,” he said.
GMR Group Chairman GM Rao said in his speech that the Bhogapuram airport being built by his group would prove to be a game changer.
“It will have state-of-the-art cargo facilities for all sectors including pharmaceuticals, fisheries and other perishable cargo. We are also planning an ‘Aero City’ which will act as a catalyst for development. The airport will provide around 1 lakh jobs both directly and indirectly and will contribute significantly to the GSDP.
Cyient’s Founder-Chairman BVR Mohan Reddy urged Chief Minister YS Jagan Mohan Reddy to improve the quality of technical education and encourage job creation through entrepreneurship.
Bharat Biotech Executive Chairman Krishna M Ella talked about setting up an intermediary in the pharmaceutical sector.